Home › CBSE Class 11 (Commerce) › Accountancy › Financial Statements of Sole Proprietorship › In the opening entry, which accounts are debited?
In the opening entry, which accounts are debited?
AAsset accounts
BCapital account
CLoan accounts
DCreditor accounts
Answer & Solution
Correct answer: A. Asset accounts
Assets carry debit balances, so they are debited, while capital and liabilities are credited.
Related questions
Why is the government interested in a business's profitability?A trial balance lists wages, salaries, rent and bad debts. Which is the only direct expensEntries not recorded in any special book go into which book?Where are all credit sales recorded?Which book records all cash and bank transactions?If total debits and credits in the trial balance agree, what is assumed?What is the basic objective of preparing financial statements?For managers, financial statements work like what?